BMI View: Overall, we anticipate that Egypt's insurance sector will enjoy steady growth over the forecast period. It should benefit from a period of stability, following political and economic volatility over the last few years. Challenges will continue to hinder the sector, particularly the non-life segment, as the central government attempts to reduce subsidies and high levels of debt. Moreover, we see little evidence of consolidation among non-life insurers, who will continue to achieve sub-prime profit due to extensive use of outwards re-insurance. Nevertheless, the market has shown itself to be remarkably resilient. In light of this, and regulatory changes, we may revise our forecasts upwards in the near future. As of late-2014 premiums have recorded steady growth, despite continuing political instability. the Egyptian Financial Supervisory Agency (EFSA), the regulator of the non-bank financial sector, as well asother government ministries and agencies, have made a number of positive changes to the laws and regulations governing the insurance sector. EFSA remains committed to boosting the public's usage of and understanding of insurance. We anticipate that the lifting of the ban on bancassurance, the distribution of insurance products via banks, could give the market a significant boost. This is particularly relevant to smaller insurers, who lack alternative means of distribution.